The Real Deal Miami

Bank boosts Miami firm’s senior housing redevelopment in Lakeland

The Federal Home Loan Bank of San Francisco awarded a $1.2 million grant to support the project’s initial phase

A unit at the West Lake apartment complex in Lakeland

Miami-based Housing Trust Group is advancing a $16 million senior housing redevelopment in Lakeland that just got a financial boost from a California bank.

The Miami company is working with the Lakeland Housing Authority as lead developer in a project to raze a 60-year-old senior housing complex called West Lake and to replace it with a three-story apartment building with 100 units for tenants 62 and older.

The redevelopment got closer to the construction phase after the Federal Home Loan Bank of San Francisco awarded a $1.2 million grant to support the redevelopment’s initial 100-unit phase.

The tenants at the new West Lake Apartments will be a mixed-income group, including low-income tenants paying below-market rents as well as seniors renting a small number of market-rate apartments.

The mix of income sources for the Housing Trust Group development will include Section 8 housing vouchers, federal public housing funds and federal tax credits for developing housing for low-income residents. [Lakeland Ledger]Mike Seemuth